Figure 1
The horizontal axis labels are rotated vertically and show year-month codes such as “2011 m 5”, “2011 m 11”, “2012 m 5”, “2012 m 11”, “2013 m 5”, “2013 m 11”, “2014 m 5”, “2014 m 11”, “2015 m 5”, 2015 m 11”, “2016 m 5”, “2016 m 11”, “2017 m 5”, “2017 m 11”, “2018 m 5”, “2018 m 11”, “2019 m 5”, “2019 m 11”, “2020 m 5”, “2020 m 11”, “2021 m 5”, “2021 m 11” “2022 m 5”, “2022 m 11”, “2023 m 5”, and “2023 m 11”. The vertical axis ranges from 0 at the bottom up to 1,000 at the top, with an interval of 200. A single jagged black line traces the data over time. From 2011 to about 2015, the values oscillate between roughly 20 and 380, with short-term spikes and dips but no clear long-term increase. Starting around 2015, the line climbs gradually, with peaks moving above 400 and then 680 by 2016. After that, the series drops around 90 in 2017, then again it rises sharply, reaching its highest value just below 1000, with frequent peaks and troughs but maintaining a high overall level in 2019. After 2019 the line drops to around 400 in the year 2021 and rises again to another peak, reaching around 900 in 2022, then fluctuates again and ends around 725 in the year 2023. Note: All numerical data values are approximated.Time plot of the Chinese EPU index. Notes: This graph illustrates the time plot of the Chinese EPU index over the sample period from April 2011 to November 2023. The overall trend shows an upward trajectory. Economic uncertainty surged in December 2017, reaching its peak towards the end of 2019. Following this peak, the EPU index declined until 2022, after which it began to rise again. Source: www.policyuncertainty.com/china_monthly.html